Before applying for a private loan, be sure that you have taken full advantage of your eligibility for federal financial aid since private loans are generally more expensive.

Note that in most cases, you will be able to get better loan terms if you apply with a credit-worthy co-signer.

In order to help you “shop” for a Private Loan lender, we are providing a complete list of all of the lenders who made a Private Student Loan to Ottawa University students since January, 2007.

As you work through the process of applying for a Private Student Loan, some of the things you may want to ask about are:

1. Interest rates:

a. Are they fixed or variable?

i. If variable, how often do they change?

ii. Is there a cap that the interest rate will not exceed?

2. Fees:

a. Are there front-end fees and if so, how much are they?

3. Co-signers:

a. What will the loan cost with or without a co-signer?
b. How long will it take before the co-signer is released from the obligation?

4. Repayment options:

a. When does repayment begin?
b. Are payments required while still in school?

c. Are you allowed to make payments while in school (e.g. interest only)?
d. What are the repayment terms (e.g. number of years)

PRIVATE LOAN LENDER LIST:

Alaska Student Loans
AMS Education Trust
J.P. Morgan Chase
Citibank
Discover Student Loans
Northwest Federal Credit Union
PNC Bank
Sallie Mae
US Bank
Wells Fargo